A Lifecycle Fund is a “fund of funds” that invests in a mix of assets. Sometimes called “target date funds,” “retirement funds,” or “age-based funds,” they are designed and managed for investors who have a specific target retirement year in mind. The target date is an approximate date when investors may plan to begin withdrawing from the fund.

In a lifecycle fund, the mix of assets changes over time to maximize return and minimize risk as the target year approaches.

Lifecycle Funds are adjusted periodically to maintain an asset allocation appropriate for the fund’s time horizon. 2

Each Lifecycle Fund’s investments are adjusted from more aggressive to more conservative as a target retirement year approaches. 2

Approximately seven to ten years after a Lifecycle Fund’s target date, a TIAA-CREF Lifecycle Fund may merge into the Lifecycle Retirement Income Fund or a similar fund.

The principal value of these funds is not guaranteed at any time, including the target date, which is the approximate date when investors plan to begin withdrawing their money.

1 Diversification and reallocating/rebalancing cannot ensure a profit or eliminate market risk and the principal value of these funds is not guaranteed at any time, including the target date of the fund (which is the approximate date when investors may plan to begin withdrawing their money). In addition to the fund-level expenses, Lifecycle Funds are also subject to the expenses of their underlying investments.

2 The Lifecycle Funds share the risks associated with the types of securities held by each of the underlying funds in which they invest, including market risk, company risk, foreign investment risks, interest-rate risk, credit risk, illiquid security risk, prepayment risk and extension risk. For a detailed discussion of risk, consult the prospectus.

Investment, insurance and annuity products are not FDIC insured, are not bank guaranteed, are not deposits, are not insured by any federal government agency, are not a condition to any banking service or activity, and may lose value.

TIAA-CREF products may be subject to market and other risk factors. See the applicable product literature, or visit www.tiaa-cref.org for details.